Varul Vilgerts Smaliukas advise clients on Parex Bank’s EUR 270 million bond issue 24 March
Advising creditors of Parex Banka AS regarding the issue of eurobonds (EUR 270 million) and a potential multimillion subscription issue and sell-off by a number of clients.
The advice included a detailed review of the bond terms in the light of
the split being proposed at the time of the Parex Banka AS into “bad
bank” and “good bank ” units. The advice provided thus had to
incorporate an analysis of both contractual and regulatory provisions
applicable to the issue of bonds, as well as legal issues arising from
the change of status of the bank’s clients from deposit holders to
creditors. The advice was also followed by assisting in negotiations
with the bank, thereby providing legal support to the clients on the
whole process of subscription to eurobonds.
